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UK public sector borrowing falls more than expected in October

Staff Writer |
UK public sector net borrowing improved more than expected in October, as the economy's resilience fed strong tax receipts.

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The monthly budget shortfall was cut from £6.4bn in the year ago period to £4.8bn, according to the Office for National Statistics.

October's reduction was mainly the result of a £2.1bn fall in the current budget deficit to £2.0bn, while net investment increased by £0.4bn to £2.8bn from one month to the next.

For the current financial year-to-date and in comparison to the same period of 2015, public sector net borrowing, excluding public sector banks, fell by £5.6bn to £48.6bn.

As a percentage of gross domestic product, the public sector's net debt was lowered by 0.5 percentage points to 83.8%, while the stock of debt grew by £50.9bn to £1.642trn.

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